126-536: Superquinn was an Irish supermarket chain, founded in 1960 and entirely privately owned by the Quinn family. Select Retail Holdings , a property buying consortium, purchased the company from the Quinn family in 2005. A receiver was appointed to the company on 18 July 2011, and the following day the company was bought by Musgrave Group for an undisclosed sum. On 13 February 2014 all remaining units were rebranded as SuperValu . The company operated 20 supermarkets under
252-610: A temperate oceanic climate , temperatures are seldom lower than −5 °C (23 °F) in winter or higher than 26 °C (79 °F) in summer. The highest temperature recorded in Ireland was 33.3 °C (91.9 °F) on 26 June 1887 at Kilkenny Castle in Kilkenny, while the lowest temperature recorded was −19.1 °C (−2.4 °F) at Markree Castle in Sligo. Rainfall is more prevalent during winter months and less so during
378-467: A Regional Assembly composed of members delegated by the various county and city councils in the region. The regions do not have any direct administrative role as such, but they serve for planning, coordination and statistical purposes. Ireland has a common law legal system with a written constitution that provides for a parliamentary democracy . The court system consists of the Supreme Court ,
504-701: A ban on borrowing to fund current spending. This policy began in 1989–1992 by the Fianna Fáil/ Progressive Democrats government, and continued by the subsequent Fianna Fáil/ Labour government and Fine Gael /Labour/ Democratic Left government. Ireland became one of the world's fastest growing economies by the late 1990s in what was known as the Celtic Tiger period, which lasted until the Great Recession . Since 2014, Ireland has experienced increased economic activity. In
630-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
756-627: A bill to the Supreme Court for a judgment on its constitutionality. Michael D. Higgins became the ninth President of Ireland on 11 November 2011. The Taoiseach (Prime Minister) serves as the head of government and is appointed by the President upon the nomination of the Dáil . Most Taoisigh have served as the leader of the political party that gains the most seats in national elections. It has become customary for coalitions to form
882-404: A day. The sunniest months are May and June, which average between 5 and 6.5 hours per day over most of the country. The extreme southeast gets most sunshine, averaging over 7 hours a day in early summer. December is the dullest month, with an average daily sunshine ranging from about 1 hour in the north to almost 2 hours in the extreme southeast. The sunniest summer in the 100 years from 1881 to 1980
1008-543: A government, as there has not been a single-party government since 1989. The Dáil has 160 members ( Teachtaí Dála ) elected to represent multi-seat constituencies under the system of proportional representation by means of the single transferable vote . The Seanad is composed of sixty members, with eleven nominated by the Taoiseach , six elected by two university constituencies , and 43 elected by public representatives from panels of candidates established on
1134-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
1260-481: A manual on customer service, Crowning the Customer". It was also known for having introduced a number of innovations, including Ireland's first supermarket loyalty card in 1993, SuperClub re branded in 2007 as Reward Card. It also introduced self-scanning of goods by customers in a number of its outlets (Reward Card SuperScan). Superquinn was known as one of the better retail grocery companies to work for. Superquinn
1386-543: A member of NATO's Partnership for Peace (PfP) program and NATO's Euro-Atlantic Partnership Council (EAPC), which is aimed at creating trust between NATO and other states in Europe and the former Soviet Union. Ireland is a neutral country , and has "triple-lock" rules governing the participation of Irish troops in conflict zones, whereby approval must be given by the UN, the Dáil and Government. Accordingly, its military role
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#17327905931621512-660: A new period of strong economic growth. The Irish name for Ireland is Éire , deriving from Ériu , a goddess in Irish mythology. The state created in 1922, comprising 26 of the 32 counties of Ireland , was "styled and known as the Irish Free State" ( Saorstát Éireann ). The Constitution of Ireland , adopted in 1937, says that "the name of the State is Éire , or, in the English language, Ireland". Section 2 of
1638-448: A policy of military neutrality through non-alignment since before World War II , and the country is consequently not a member of NATO , although it is a member of Partnership for Peace and certain aspects of PESCO . Ireland's economy is advanced, with one of Europe's major financial hubs being centred on Dublin. It ranks among the top five wealthiest countries in the world in terms of both GDP and GNI per capita. After joining
1764-416: A safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus the goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By
1890-678: A ship and a special unit of frogmen . The military includes the Reserve Defence Forces ( Army Reserve and Naval Service Reserve ) for part-time reservists. Ireland's special forces include the Army Ranger Wing , which trains and operates with international special operations units. The President is the formal Supreme Commander of the Defence Forces, but in practice these Forces answer to the Government via
2016-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
2142-456: A vocational basis. The government is constitutionally limited to fifteen members. No more than two members can be selected from the Seanad , and the Taoiseach , Tánaiste (deputy prime minister) and Minister for Finance must be members of the Dáil . The Dáil must be dissolved within five years of its first meeting following the previous election, and a general election for members of
2268-720: Is part of the United Kingdom . It is otherwise surrounded by the Atlantic Ocean , with the Celtic Sea to the south, St George's Channel to the south-east and the Irish Sea to the east. It is a unitary , parliamentary republic . The legislature, the Oireachtas , consists of a lower house , Dáil Éireann ; an upper house , Seanad Éireann ; and an elected president ( Uachtarán ) who serves as
2394-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
2520-579: Is a developed country with a quality of life that ranks amongst the highest in the world; after adjustments for inequality , the 2021 Human Development Index listing ranked it the sixth-highest in the world. It also ranks highly in healthcare , economic freedom and freedom of the press . It is a member of the EU and a founding member of the Council of Europe and the OECD . The Irish government has followed
2646-400: Is a Bills of Exchange Act that codifies the law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that
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#17327905931622772-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
2898-505: Is appointed by the Government. Most uniformed members do not routinely carry firearms . Standard policing is traditionally carried out by uniformed officers equipped only with a baton and pepper spray . The Military Police is the corps of the Irish Army responsible for the provision of policing service personnel and providing a military police presence to forces while on exercise and deployment. In wartime, additional tasks include
3024-589: Is limited to national self-defence and participation in United Nations peacekeeping . The Irish Defence Forces ( Óglaigh na hÉireann ) are made up of the Army , Naval Service , Air Corps and Reserve Defence Force . It is small but well equipped, with almost 10,000 full-time military personnel and over 2,000 in reserve. Daily deployments of the Defence Forces cover aid to civil power operations, protection and patrol of Irish territorial waters and EEZ by
3150-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
3276-551: Is the official residence of the President of Ireland, while the houses of the Oireachtas meet at Leinster House in Dublin . The President serves as head of state , is elected for a seven-year term, and may be re-elected once. The President is primarily a figurehead , but is entrusted with certain constitutional powers with the advice of the Council of State . The office has absolute discretion in some areas, such as referring
3402-626: The Basel Accords . Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers ,
3528-662: The British government and the five Irish treaty delegates, led by Arthur Griffith , Robert Barton and Michael Collins , negotiated the Anglo-Irish Treaty in London from 11 October to 6 December 1921. The Irish delegates set up headquarters at Hans Place in Knightsbridge , and it was here in private discussions that the decision was taken on 5 December to recommend the treaty to Dáil Éireann. On 7 January 1922,
3654-694: The Court of Appeal , the High Court , the Circuit Court and the District Court , all of which apply the Irish law and hear both civil and criminal matters. Trials for serious offences must usually be held before a jury . The High Court, Court of Appeal and the Supreme Court have authority, by means of judicial review , to determine the compatibility of laws and activities of other institutions of
3780-741: The Crown of Ireland Act 1542 was repealed in Ireland by the Statute Law Revision (Pre-Union Irish Statutes) Act 1962 . Ireland became a member of the United Nations in December 1955, after having been denied membership because of its neutral stance during the Second World War and not supporting the Allied cause . At the time, joining the UN involved a commitment to using force to deter aggression by one state against another if
3906-742: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
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4032-651: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
4158-524: The Irish Republican Army (IRA) split into two opposing camps: a pro-treaty IRA and an anti-treaty IRA . The pro-treaty IRA disbanded and joined the new National Army . However, because the anti-treaty IRA lacked an effective command structure and because of the pro-treaty forces' defensive tactics throughout the war, Michael Collins and his pro-treaty forces were able to build up an army with many tens of thousands of World War I veterans from
4284-611: The Isle of Man and the Channel Islands . However, some identification is required at airports and seaports. The Local Government (Ireland) Act 1898 was the founding statute of the present system of local government, while the Twentieth Amendment to the constitution of 1999 provided for its constitutional recognition. The twenty-six traditional counties of Ireland are the basis of the local government areas, with
4410-528: The Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and the issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal,
4536-636: The Minister for Defence . In 2017, Ireland signed the United Nations Treaty on the Prohibition of Nuclear Weapons . Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by the bank or indirectly through capital markets . Whereas banks play an important role in financial stability and
4662-569: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of a bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there
4788-468: The Republic of Ireland ( Poblacht na hÉireann ), is a country in north-western Europe consisting of 26 of the 32 counties of the island of Ireland , with a population of about 5.4 million. The capital and largest city is Dublin , on the eastern side of the island, with a population of about 1.5 million. The sovereign state shares its only land border with Northern Ireland , which
4914-520: The Republic of Ireland Act 1948 states, "It is hereby declared that the description of the State shall be the Republic of Ireland." The 1948 Act does not name the state "Republic of Ireland", because to have done so would have put it in conflict with the Constitution. The government of the United Kingdom used the name "Eire" (without the diacritic ) and, from 1949, "Republic of Ireland", for
5040-644: The Second Dáil ratified the Treaty by 64 votes to 57. In accordance with the treaty, on 6 December 1922 the entire island of Ireland became a self-governing Dominion called the Irish Free State ( Saorstát Éireann ). Under the Constitution of the Irish Free State , the Parliament of Northern Ireland had the option to leave the Irish Free State one month later and return to the United Kingdom. During
5166-787: The Ulster Unionist Party , unionists became strongly militant, forming Ulster Volunteers in order to oppose "the Coercion of Ulster". After the Home Rule Bill passed parliament in May 1914, to avoid rebellion with Ulster, the British Prime Minister H. H. Asquith introduced an Amending Bill reluctantly conceded to by the Irish Party leadership. This provided for the temporary exclusion of Ulster from
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5292-594: The Welsers , the Berenbergs , and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to
5418-454: The economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards,
5544-447: The receivership and instead place the business in examinership . Lithuanian VP Group was named as a possible bidder for the company. On 27 July 2011, RTÉ reported that the petition for examinership had been withdrawn, allowing the proposed buyout to proceed. Musgrave provided a €10 million fund to benefit suppliers owed money by Superquinn. The Superquinn name disappeared from Ireland's main streets on 13 February 2014 after owner,
5670-417: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
5796-586: The 1922 disbanded Irish regiments of the British Army, capable of overwhelming the anti-treatyists. British supplies of artillery, aircraft, machine-guns and ammunition boosted pro-treaty forces, and the threat of a return of Crown forces to the Free State removed any doubts about the necessity of enforcing the treaty. Lack of public support for the anti-treaty forces (often called the Irregulars) and
5922-404: The 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of
6048-744: The 20th century, but the 1980s and 1990s saw the British and Irish governments working with Northern Irish parties to resolve the conflict that had become known as the Troubles . Since the signing of the Good Friday Agreement in 1998, the Irish government and Northern Irish government have co-operated on a number of policy areas under the North/South Ministerial Council created by the Agreement. Ireland
6174-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks,
6300-563: The Atlantic Ocean via St George's Channel and the Celtic Sea to the southwest. The western landscape mostly consists of rugged cliffs, hills and mountains. The central lowlands are extensively covered with glacial deposits of clay and sand, as well as significant areas of bogland and several lakes. The highest point is Carrauntoohil (1,038.6 m or 3,407 ft), located in the MacGillycuddy's Reeks mountain range in
6426-569: The British Government. In January 1919, after the December 1918 general election , 73 of Ireland's 105 Members of Parliament (MPs) elected were Sinn Féin members who were elected on a platform of abstentionism from the British House of Commons . In January 1919, they set up an Irish parliament called Dáil Éireann . This first Dáil issued a declaration of independence and proclaimed an Irish Republic . The declaration
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#17327905931626552-436: The Constitution defined the national territory to be the whole island, they also confined the state's jurisdiction to the area that had been the Irish Free State. The former Irish Free State government had abolished the Office of Governor-General in December 1936. Although the constitution established the office of President of Ireland , the question over whether Ireland was a republic remained open. Diplomats were accredited to
6678-444: The Dáil must take place no later than thirty days after the dissolution. In accordance with the Constitution of Ireland , parliamentary elections must be held at least every seven years, though a lower limit may be set by statute law. The current government is a coalition of Fianna Fáil , Fine Gael , and the Green Party with Simon Harris of Fine Gael as Taoiseach and Micheál Martin of Fianna Fáil as Tánaiste. Opposition parties in
6804-406: The EC, the country's government enacted a series of liberal economic policies that helped to boost economic growth between 1995 and 2007, a time now often referred to as the Celtic Tiger period. A recession and reversal in growth then followed during the Great Recession , which was exacerbated by the bursting of the Irish property bubble . The Great Recession lasted until 2014, and was followed by
6930-429: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
7056-462: The Irish Free State shall no longer extend to Northern Ireland." The Irish Free State was a constitutional monarchy sharing a monarch with the United Kingdom and other Dominions of the British Commonwealth . The country had a governor-general (representing the monarch), a bicameral parliament, a cabinet called the "Executive Council", and a prime minister called the President of the Executive Council . The Irish Civil War (June 1922 – May 1923)
7182-486: The Irish Naval Service, and UN, EU and PfP peace-keeping missions. By 1996, over 40,000 Irish service personnel had served in international UN peacekeeping missions. The Irish Air Corps is the air component of the Defence Forces and operates sixteen fixed wing aircraft and eight helicopters. The Irish Naval Service is Ireland's navy, and operates six patrol ships , and smaller numbers of inflatable boats and training vessels, and has armed boarding parties capable of seizing
7308-407: The Musgrave Group, announced its decision to rebrand all 24 Superquinn units as SuperValu. The SuperQuinn brand has been retained for a limited range of products, including sausages. Republic of Ireland – in Europe (light green & dark grey) – in the European Union (light green) Ireland ( Irish : Éire [ˈeːɾʲə] ), also known as
7434-407: The Northern Ireland question, the British and Irish governments started to seek a peaceful resolution to the violent conflict involving many paramilitaries and the British Army in Northern Ireland known as " The Troubles ". A peace settlement for Northern Ireland, known as the Good Friday Agreement , was approved in 1998 in referendums north and south of the border. As part of the peace settlement,
7560-473: The Superquinn brand and 4 convenience shops under the "Superquinn Select" brand. It had three levels of own brand products of increasing quality; "Euro Shopper", "Superquinn" and "Superior Quality". In 2011, the Euroshopper brand was replaced by "Superquinn Essentials", their low cost, but still high quality, own brand products. Superquinn was known for having a very high level of customer service compared to other supermarket chains, its former owner having written
7686-452: The Superquinn chain. This was triggered by a consortium of banks believed to be owed around €400m. On 19 July 2011, the chain was reported to have been sold to wholesale group Musgrave Group for just over €100m. Staff were informed that there would be no change to their terms and conditions, or their pensions under the takeover by Musgrave. The Irish Times reported on 23 July 2011 that two high court actions had been initiated to challenge
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#17327905931627812-417: The UK, but with strong links to Ireland". The state extends over an area of about five-sixths (70,273 km or 27,133 sq mi) of the island of Ireland (84,421 km or 32,595 sq mi), with Northern Ireland constituting the remainder. The island is bounded to the north and west by the Atlantic Ocean and to the northeast by the North Channel . To the east, the Irish Sea connects to
7938-406: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
8064-437: The UK, launched an armed insurrection against British rule in the 1916 Easter Rising , together with the Irish Citizen Army . This commenced on 24 April 1916 with the declaration of independence . After a week of heavy fighting, primarily in Dublin, the surviving rebels were forced to surrender their positions. The majority were imprisoned, with fifteen of the prisoners (including most of the leaders) were executed as traitors to
8190-414: The UK. This included Patrick Pearse , the spokesman for the rising and who provided the signal to the volunteers to start the rising, as well as James Connolly , socialist and founder of the Industrial Workers of the World union and both the Irish and Scottish Labour movements. These events, together with the Conscription Crisis of 1918 , had a profound effect on changing public opinion in Ireland against
8316-586: The UN thought it was necessary. Interest towards membership of the European Communities (EC) developed in Ireland during the 1950s, with consideration also given to membership of the European Free Trade Area . As the United Kingdom intended on EC membership, Ireland applied for membership in July 1961 due to the substantial economic linkages with the United Kingdom. The founding EC members remained sceptical regarding Ireland's economic capacity, neutrality, and unattractive protectionist policy. Many Irish economists and politicians realised that economic policy reform
8442-428: The United Kingdom and United States are also important. It held the Presidency of the Council of the European Union on six occasions, most recently from January to June 2013. Ireland tends towards independence in foreign policy; thus the country is not a member of NATO and has a longstanding policy of military neutrality. This policy has led to the Irish Defence Forces contributing to peace-keeping missions with
8568-448: The United Nations since 1960, including during the Congo Crisis and subsequently in Cyprus , Lebanon and Bosnia and Herzegovina . Despite Irish neutrality during World War II , Ireland had more than 50,000 participants in the war through enlistment in the British armed forces. During the Cold War , Irish military policy, while ostensibly neutral, was biased towards NATO. During the Cuban Missile Crisis , Seán Lemass authorised
8694-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
8820-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
8946-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
9072-456: The banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as
9198-609: The beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during
9324-515: The business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
9450-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
9576-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
9702-636: The company was not for sale. Superquinn opened its refurbished flagship supermarket in Blackrock, Co Dublin in October 2012. The retailer invested over €2m in the layout of the shop, including a complete overhaul of the fresh food section and an expansion of the fish counter, butchery, cheesemonger and parking spaces area. It had also completed work on Ballinter, Blanchardstown, Bray, Knocklyon, Northside, Ranelagh, Swords and Walkinstown. The company's innovations did not all become successful. One side effort of
9828-472: The company was the failed bank Tusa (the Irish word for you in the accusative case), a joint venture with TSB Bank (now part of Permanent TSB ). A joint venture with Texaco to introduce small Superquinn convenience shops at petrol forecourts, SuperQ, also failed. Perhaps more importantly for the company was its failure to expand - Superquinn had less than a third of the branches of its other full-service rivals, Tesco Ireland and Dunnes Stores , and
9954-705: The company, with Quinn becoming non-executive President of the business. Eamonn Quinn left the company. In January 2009, the company made the decision to close the Dundalk supermarket. This was the second time Superquinn had failed in Dundalk, but in September 2010 a High Court order forced Superquinn to re-open in its home town again. In February 2007 Superquinn purchased the Montrose Hotel in Donnybrook from Jury's Doyle for €40 million and planned to develop
10080-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
10206-613: The current Dáil are Sinn Féin , the Labour Party , People Before Profit–Solidarity , Social Democrats , Aontú , as well as a number of independents . Ireland has been a member state of the European Union since 1973. Citizens of the United Kingdom can freely enter the country without a passport due to the Common Travel Area , which is a passport-free zone comprising the islands of Ireland, Great Britain,
10332-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
10458-542: The determination of the government to overcome the Irregulars contributed significantly to their defeat. Following a national plebiscite in July 1937, the new Constitution of Ireland ( Bunreacht na hÉireann ) came into force on 29 December 1937. This replaced the Constitution of the Irish Free State and declared that the name of the state is Éire , or "Ireland" in the English language. While Articles 2 and 3 of
10584-447: The early 1970s. In 1970, the company name was legally registered and founded. In 1991, Feargal's son Eamonn Quinn took a key management role as deputy chairman. In January 2005, it was announced that Superquinn was to be sold to a company called Select Retail Holdings, consortium which had been formed in 2002. On 26 August 2005 it was announced that the sale had been completed. Simon Burke replaced Feargal Quinn as Executive Chairman of
10710-452: The early months of summer. Southwestern areas experience the most rainfall as a result of south westerly winds, while Dublin receives the least. Sunshine duration is highest in the southeast of the country. The far north and west are two of the windiest regions in Europe, with great potential for wind energy generation. Ireland normally gets between 1100 and 1600 hours of sunshine each year, most areas averaging between 3.25 and 3.75 hours
10836-466: The extensive clearing of woodland for farming are believed to be the main causes of deforestation . Today, only about 10% of Ireland is woodland, most of which is non-native conifer plantations , and only 2% of which is native woodland. The average woodland cover in European countries is over 33%. According to Coillte , a state-owned forestry business, the country's climate gives Ireland one of
10962-541: The fact that the state would remain part of the British Empire and that members of the Free State Parliament would have to swear what the anti-treaty side saw as an oath of fidelity to the British king. Pro-treaty forces, led by Michael Collins , argued that the treaty gave "not the ultimate freedom that all nations aspire to and develop, but the freedom to achieve it". At the start of the war,
11088-414: The fastest growth rates for forests in Europe. Hedgerows , which are traditionally used to define land boundaries, are an important substitute for woodland habitat, providing refuge for native wild flora and a wide range of insect, bird and mammal species. It is home to two terrestrial ecoregions: Celtic broadleaf forests and North Atlantic moist mixed forests . Agriculture accounts for about 64% of
11214-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
11340-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by
11466-811: The hands of landlord-dominated grand juries of the Protestant Ascendancy . Home Rule seemed certain when the Parliament Act 1911 abolished the veto of the House of Lords , and John Redmond secured the Third Home Rule Act in 1914. However, the Unionist movement had been growing since 1886 among Irish Protestants after the introduction of the first home rule bill, fearing discrimination and loss of economic and social privileges if Irish Catholics achieved real political power. In
11592-741: The implementation of the Act at the end of the war through Ireland's engagement in the war , Redmond and the Irish National Volunteers supported the UK and its Allies . 175,000 men joined Irish regiments of the 10th (Irish) and 16th (Irish) divisions of the New British Army , while Unionists joined the 36th (Ulster) divisions. The remainder of the Irish Volunteers , who refused Redmond and opposed any support of
11718-512: The intervening period, the powers of the Parliament of the Irish Free State and Executive Council of the Irish Free State did not extend to Northern Ireland. Northern Ireland exercised its right under the treaty to leave the new Dominion and rejoined the United Kingdom on 8 December 1922. It did so by making an address to the King requesting, "that the powers of the Parliament and Government of
11844-506: The island's population of over 8 million fell by 30%. One million Irish died of starvation and disease and another 1.5 million emigrated, mostly to the United States. This set the pattern of emigration for the century to come, resulting in constant population decline up to the 1960s. From 1874, and particularly under Charles Stewart Parnell from 1880, the Irish Parliamentary Party gained prominence. This
11970-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
12096-399: The king, but the president exercised all internal functions of a head of state. For instance, the President gave assent to new laws with his own authority, without reference to King George VI who was only an "organ", that was provided for by statute law. Ireland remained neutral during World War II, a period it described as The Emergency . Ireland's Dominion status was terminated with
12222-512: The largely ceremonial head of state , but with some important powers and duties. The head of government is the Taoiseach (prime minister, lit. ' chief ' ), elected by the Dáil and appointed by the president, who appoints other government ministers. The Irish Free State was created with Dominion status in 1922, following the Anglo-Irish Treaty . In 1937, a new constitution
12348-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
12474-697: The late 19th and early 20th-century unionism was particularly strong in parts of Ulster , where industrialisation was more common in contrast to the more agrarian rest of the island, and where the Protestant population was more prominent, with a majority in four counties. Under the leadership of the Dublin-born Sir Edward Carson of the Irish Unionist Party and the Ulsterman Sir James Craig of
12600-450: The legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining
12726-488: The passage of The Republic of Ireland Act 1948 , which came into force on 18 April 1949 and declared that the state was a republic. At the time, a declaration of a republic terminated Commonwealth membership. This rule was changed 10 days after Ireland declared itself a republic, with the London Declaration of 28 April 1949. Ireland did not reapply when the rules were altered to permit republics to join. Later,
12852-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
12978-488: The provision of a traffic control organisation to allow rapid movement of military formations to their mission areas. Other wartime roles include control of prisoners of war and refugees. Ireland's citizenship laws relate to "the island of Ireland", including islands and seas, thereby extending them to Northern Ireland , which is part of the United Kingdom. Therefore, anyone born in Northern Ireland who meets
13104-434: The requirements for being an Irish citizen, such as birth on the island of Ireland to an Irish or British citizen parent or a parent who is entitled to live in Northern Ireland or the Republic without restriction on their residency, may exercise an entitlement to Irish citizenship, such as an Irish passport . Foreign relations are substantially influenced by membership of the European Union, although bilateral relations with
13230-614: The search of Cuban and Czechoslovak aircraft passing through Shannon and passed the information to the CIA . Ireland's air facilities were used by the United States military for the delivery of military personnel involved in the 2003 invasion of Iraq through Shannon Airport . The airport had previously been used for the United States invasion of Afghanistan in 2001, as well as the First Gulf War . Since 1999, Ireland has been
13356-635: The site as a supermarket and apartments. Superquinn expanded after the SRH takeover. It opened supermarkets in Heuston South Quarter, Rathborne, Rathgar, Ranelagh and Portlaoise and planned to open in Clongriffin. In early 2010 it was confirmed that the Heuston South Quarter shop was on schedule for a planned opening in October 2010, it opened on 14 October 2010. The Sunday Times Home section reported in May 2010 that Superquinn Clongriffin
13482-696: The southwest. River Shannon , which traverses the central lowlands, is the longest river in Ireland at 386 kilometres or 240 miles in length. The west coast is more rugged than the east, with numerous islands, peninsulas , headlands and bays . Ireland is one of the least forested countries in Europe. Until the end of the Middle Ages , the land was heavily forested. Native species include deciduous trees such as oak , ash , hazel , birch , alder , willow , aspen , elm , rowan and hawthorn , as well as evergreen trees such Scots pine , yew , holly and strawberry trees . The growth of blanket bog and
13608-579: The state with the constitution and the law. Except in exceptional circumstances, court hearings must occur in public. The Garda Síochána ( lit. Guardians of the Peace), more commonly referred to as the Gardaí, is the state's civilian police force. The force is responsible for all aspects of civil policing, both in terms of territory and infrastructure. It is headed by the Garda Commissioner, who
13734-518: The state. It was not until the 1998 Good Friday Agreement , when the state dropped its claim to Northern Ireland , that it began calling the state "Ireland". The state is also informally called "the Republic", "Southern Ireland" or "the South"; especially when distinguishing the state from the island or when discussing Northern Ireland ("the North"). Irish republicans reserve the name "Ireland" for
13860-607: The territorial claim to Northern Ireland in Articles 2 and 3 of the Constitution of Ireland was removed by referendum. In its white paper on Brexit the United Kingdom government reiterated its commitment to the Good Friday Agreement. With regard to Northern Ireland's status, it said that the UK Government's "clearly-stated preference is to retain Northern Ireland's current constitutional position: as part of
13986-604: The total land area. This has resulted in limited land to preserve natural habitats, in particular for larger wild mammals with greater territorial requirements. The long history of agricultural production coupled with modern agricultural methods, such as pesticide and fertiliser use, has placed pressure on biodiversity . The Atlantic Ocean and the warming influence of the Gulf Stream affect weather patterns in Ireland. Temperatures differ regionally, with central and eastern areas tending to be more extreme. However, due to
14112-618: The traditional counties of Cork , Dublin and Galway containing two or more local government areas. The Local Government Act 2001 , as amended by the Local Government Reform Act 2014 , provides for a system of thirty-one local authorities – twenty-six county councils, two city and county councils, and three city councils. Counties (with the exception of the three counties in Dublin) are divided into municipal districts . A second local government tier of town councils
14238-575: The whole island and often refer to the state as "the Free State", "the 26 Counties", or "the South of Ireland". This is a "response to the partitionist view [...] that Ireland stops at the border". From the Act of Union on 1 January 1801, until 6 December 1922, the island of Ireland was part of the United Kingdom of Great Britain and Ireland . During the Great Famine , from 1845 to 1849,
14364-541: The workings of the bill for a trial period of six years, with an as yet undecided new set of measures to be introduced for the area to be temporarily excluded. Though it received the Royal Assent and was placed on the statute books in 1914, the implementation of the Third Home Rule Act was suspended until after the First World War which defused the threat of civil war in Ireland. With the hope of ensuring
14490-462: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
14616-651: Was 1887, according to measurements made at the Phoenix Park in Dublin; 1980 was the dullest. Ireland is a constitutional republic with a parliamentary system of government. The Oireachtas is the bicameral national parliament composed of the President of Ireland and the two Houses of the Oireachtas: Dáil Éireann (House of Representatives) and Seanad Éireann (Senate). Áras an Uachtaráin
14742-434: Was abolished in 2014. Local authorities are responsible for matters such as planning, local roads, sanitation, and libraries. The breaching of county boundaries should be avoided as far as practicable in drawing Dáil constituencies . Counties with greater populations have multiple constituencies, some of more than one county, but generally do not cross county boundaries. The counties are grouped into three regions , each with
14868-579: Was adopted, in which the state was named "Ireland" and effectively became a republic, with an elected non-executive president . It was officially declared a republic in 1949, following The Republic of Ireland Act 1948 . Ireland became a member of the United Nations in 1955. It joined the European Communities (EC), the predecessor of the European Union (EU), in 1973. The state had no formal relations with Northern Ireland for most of
14994-518: Was even eclipsed by discount retailers Aldi and Lidl , who have been very aggressive in acquiring sites compared to Superquinn. Its supermarkets were heavily located in the Dublin and Leinster areas (with 3 in Munster , and none at all in Connacht or Ulster ) in contrast to the other operators which operated nationwide. On 18 July 2011, it was announced that receivers had been appointed to
15120-612: Was firstly through widespread agrarian agitation via the Irish Land League , which won land reforms for tenants in the form of the Irish Land Acts , and secondly through its attempts to achieve Home Rule , via two unsuccessful bills which would have granted Ireland limited national autonomy. These led to "grass-roots" control of national affairs, under the Local Government Act 1898 , that had been in
15246-594: Was held later that year which confirmed Ireland's entry into the bloc, and it finally joined the EC as a member state on 1 January 1973. The economic crisis of the late 1970s was fuelled by the Fianna Fáil government's budget, the abolition of the car tax, excessive borrowing, and global economic instability including the 1979 oil crisis . There were significant policy changes from 1989 onwards, with economic reform, tax cuts, welfare reform, an increase in competition, and
15372-623: Was mainly a restatement of the 1916 Proclamation with the additional provision that Ireland was no longer a part of the United Kingdom. The Irish Republic's Ministry of Dáil Éireann sent a delegation under Ceann Comhairle (Head of Council, or Speaker, of the Daíl) Seán T. O'Kelly to the Paris Peace Conference of 1919, but it was not admitted. After the War of Independence and truce called in July 1921, representatives of
15498-455: Was necessary. The prospect of EC membership became doubtful in 1963 when French President General Charles de Gaulle stated that France opposed Britain's accession, which ceased negotiations with all other candidate countries. In 1969 his successor, Georges Pompidou , was not opposed to British and Irish membership. Negotiations began and in 1972 the Treaty of Accession was signed. A referendum
15624-538: Was on hold, with Superquinn quoting that they were "not yet in a position to confirm a likely opening date for a store in Clongriffin". Residents of Clongriffin and surrounding neighbourhoods feared the planned opening would not transpire. On 3 September 2008, The Irish Times reported that a number of approaches had been made to buy Superquinn, including from BWG Foods Limited, The Musgrave Group plc , J Sainsbury plc, and Asda Stores Limited . However, later that day Simon Burke told RTÉ News and Current Affairs that
15750-477: Was part of an Irish Internet shopping portal Buy4Now, which provides Internet shopping services for a number of Irish retailers . The business was founded in 1960 as 'Quinns Supermarkets' in Dundalk by Feargal Quinn , and the company headquarters were later moved to Sutton, Dublin . The trading name was subsequently changed to Superquinn, in part to differentiate it from rival Quinnsworth , which had started in
15876-534: Was the consequence of the ratification of the Anglo-Irish Treaty and the creation of the Irish Free State. Anti-treaty forces, led by Éamon de Valera , objected to the fact that acceptance of the treaty abolished the Irish Republic of 1919 to which they had sworn loyalty, arguing in the face of public support for the settlement that the "people have no right to do wrong". They objected most to
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